Forex Marketz Daily Forex News – Fully Markets Update
Many of the Asian and Pacific Rim stock markets were a tad higher during a mixed trading session this morning. This follows a mixed and narrow close on Wall Street overnight. There is very little economic data to fuel the markets so they concentrated on last week’s events.
Japan’s benchmark, the Nikkei 225 reversed early losses and 0.32 percent. Them dollar’s against the yen stopped. Exporting plays, including automakers and tech names, were mixed. Toyota and Honda were up 0.71 percent and 1.2 percent, respectively. Energy plays were lower as oil prices edged down.
Across the Korean Strait, the Kospi Composite index was up 0.36 percent. Blue-chip tech names extended Monday’s losses. Samsung Electronics was down another 0.19 percent. The tech giant shed more than five percent in the last session. This comes after Morgan Stanley downgraded its stock. Other tech names were mixed on the day. SK Hynix lost 0.84 percent but LG Display was up 1.3 percent. Automakers and manufacturing shares were higher.
Other Asian Markets are also Mixed
Elsewhere in the Asian and Pacific Rim, in Australia, the S&P ASX 200 reversed early losses. This bourse was up 0.19 percent. Most sectors were higher during the morning session. Retailers were up as major miners fell. Rio Tinto and BHP were lower by 0.36 percent and 1.9 percent, respectively.
In Hong Kong, the Hang Seng Index came under pressure. It was trading down 0.27 percent. This was after a report in the South China Morning Post that said that Beijing will limit southbound capital in Stock Connect.
Chinese mutual funds were going to allocate less than half of their funds to the Hong Kong stock market if approved. This is compared to earlier rules that allowed allocations above 80 percent.
The Shanghai Composite was around the flat line. This Asian bourse was trading down 0.07 percent. The Shenzhen Composite, however, was up 0.7 percent.
